In order to acquire a new vehicle, the consumer who intends to dispose of their current vehicle must complete at least three major processes. These operations can either be performed online, in the traditional fashion at the dealership, or through a combination of both the online and traditional settings.
For example, if the consumer is using the Internet to complete these operations, then they are completed as follows. The consumer first selects the new vehicle, either by browsing through the inventory of vehicles that the dealer currently has on hand, or by using configuration software to select the vehicle and the various options desired. Next, the consumer determines the value of the vehicle that he or she is currently driving, and ascertains how or if the value derived from that vehicle will contribute to the acquisition of the new vehicle. Finally the consumer considers how he/she will pay for or finance the remainder, once the value of the current vehicle is subtracted from the cost of the new one.
Each of these steps needs to be completed in order for the consumer to acquire a replacement vehicle. The steps do not necessarily have to be performed in a serial fashion, and thus, some customers will first ascertain how much their trade-in is worth, while others will want to understand if their credit rating is adequate for them to finance a new vehicle. Most consumers will select the new vehicle first, and will generally do that by accessing a Web site operated by an vehicle manufacturer, an portal, and/or a franchised dealer close to their home or place of work.
A number of systems exist in the prior art for determining the value of a used automobile. A number of these prior art systems also allow for this valuation to be conducted over the Internet. Examples include the National Automobile Dealers' Association (“NADA.”), which allows users to determine the value of a used vehicle through their Web site at www.nadaguides.com; and the Kelley Blue Book, which allows consumers to determine the value of a used car through their Web site at www.kbb.com.
However, these sites do not allow the consumer to obtain an actual offer on a vehicle from a dealer. As a result, other systems have been developed in the prior art that allow the consumer to obtain an actual offer for their used vehicle over the Internet using an interactive Web site. For example, one such site can be found at www.buyfigure.com. In order to obtain a price offer using this system, the consumer enters the VIN number for a particular vehicle and completes a questionnaire. This information is then submitted to the BuyFigure Web site where a price is determined for the vehicle. This price is returned to the user in the form of a demand certificate. This demand certificate can be used to sell the vehicle to any dealer that is franchised in the BuyFigure system.
Unfortunately, such systems have the significant disadvantage that they do not allow the dealer to customize an offer for the vehicle based upon dealer designated buying criteria. This is a significant disadvantage, since particular dealers may want to adjust their offer price based upon factors that are of importance to them specifically. Moreover, such sites do not refer the consumer (and generate leads) from the dealer's own Web site. This is a significant disadvantage as such systems can not readily be used as a lead generating engine for specific participating dealers.
Accordingly, a system is needed that serves both the consumer and the automobile dealer; and which enables a dealership to ascertain the actual wholesale value of the vehicle and to alter the offer price or other estimated value based upon the dealer's current buying criteria. The system may also enable consumers who are seeking to part with their current vehicle to secure a firm offer from a participating dealer, who is willing to purchase the vehicle. The system is preferably accessible via the Internet, served to the user via an existing Web site operated by the dealer or an automotive portal.